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Abstract(s)
A recente crise financeira de 2007-2008 que emergiu nos Estados Unidos da América e subsequente crise de dívida soberana na zona euro, direcionou atenções para um conjunto de instituições e atividades que até então não eram objeto de regulação e supervisão. Sistema que rapidamente foi cunhado como the shadow banking system. Com o presente estudo pretende-se estimar a dimensão deste sistema no contexto do sistema financeiro português e da economia nacional, efetuando-se uma comparação com outros sistemas de shadow banking de países da zona euro, afetados pela crise de dívida soberana. Para atingir os objetivos identificados recorreu-se à utilização de dados flow of funds, de forma a isolar e medir as instituições apontadas pela literatura como shadow banks. Conclui-se que o sistema de shadow banking em Portugal representava cerca de 106 mil milhões de euros em 2013, correspondendo a 21% do total de ativos detidos pelo sistema bancário e cerca de 64% do PIB. Estes valores são inferiores quando comparados com os valores médios globais, bem como com os valores obtidos para Espanha, França, Irlanda e Itália. No entanto, na Grécia, o sistema de shadow banking apresenta uma dimensão relativamente inferior.
The global financial crisis of 2007-2008 and the subsequent European sovereign debt crisis directed attention to a set of institutions and activities that were previously not subject to regulation and supervision, the so-called ‘shadow banking system’. With this study, we intend to estimate the size of this system in the framework of Portuguese financial institutions and the national economy and compare it with the shadow banking systems of other countries recently affected by the European sovereign debt crisis. To reach the objectives, we make use of flow of funds data, in order to isolate and measure the institutions identified by the literature as shadow banks. We conclude that the shadow banking system in Portugal amounted to € 106 billion in 2013, representing 21% of total assets held by the banking system and about 64% of GDP. These values are lower when compared with the global average values, as well as with the values obtained for Spain, France, Ireland and Italy. Contrary, the values obtained for the Greek shadow banking system are significantly lower.
The global financial crisis of 2007-2008 and the subsequent European sovereign debt crisis directed attention to a set of institutions and activities that were previously not subject to regulation and supervision, the so-called ‘shadow banking system’. With this study, we intend to estimate the size of this system in the framework of Portuguese financial institutions and the national economy and compare it with the shadow banking systems of other countries recently affected by the European sovereign debt crisis. To reach the objectives, we make use of flow of funds data, in order to isolate and measure the institutions identified by the literature as shadow banks. We conclude that the shadow banking system in Portugal amounted to € 106 billion in 2013, representing 21% of total assets held by the banking system and about 64% of GDP. These values are lower when compared with the global average values, as well as with the values obtained for Spain, France, Ireland and Italy. Contrary, the values obtained for the Greek shadow banking system are significantly lower.
Description
Keywords
Shadow banking Titularização de ativos Intermediação de crédito Sistema financeiro Securitization Credit intermediation Financial system